On average, it costs almost $4,000 to fix up a property and replace a leaving tenant. It takes months to make back that amount of money, leaving a hole in your income as a landlord.
This is why getting more lease renewals is such a vital skill for property owners to learn.
The good news is that there are several tactics you can implement right away that'll help you acquire more tenant leases. We go through each of these down below, so keep reading to learn all about them!
Easy Renewal Process
When it's time for a tenant to begin the renewal process, you'll need to make certain that it's as simple as possible. There shouldn't be any questions on what the tenant needs to do.
A tenant portal, for example, is a foolproof way to remind tenants of their rental leases and help them renew the lease all in one go. If you currently don't have a tenant portal, now is as good a time as any to build one.
Strategic Rent Increases
There will be times to increase rent but it's often not something a tenant wishes to see right before or right after a lease renewal. Avoid increasing rental around major holidays as well.
You want to keep your tenants happy on your property. While they'll be understanding in some situations, other times will only bring frustration. Make sure to time increases with care.
When it comes to top landlord advice, nothing is quite as crucial as the need for good communication with your tenants. Tenants should trust that you care about their questions and requests. Give them plenty of ways to get into contact with you, in case you aren't always available on the others.
As soon as tenants start to feel ignored, you'll be fighting a losing battle to keep them.
Building a strong relationship with your tenants begins from day one. Quick responses go a long way in building the kind of trust that's necessary for increasing your lease renewals.
Providing extra reasons to stay is often enough to get tenants to renew their leases. Incentives towards rent, new amenities, or extra services can be the silver lining a tenant needs to decide to stay.
It doesn't take much to make a difference.
Adding on an incentive is also a notable way to help your long-term tenants feel like you value them. It shows them that you're willing to go the extra mile to make them feel wanted and comfortable, which turns into a better rate on renewals.
Continue Increasing Lease Renewals
Sometimes the savviest communication skills and the easiest renewal process aren't enough. To get steady lease renewals, you'll need to implement all the tricks of the trade. If you find you're still struggling to get tenants to stay, get help from property management professionals.
For over 20 years, PMI Integrity Properties has helped property owners build strong relationships with their tenants. We can help you too. Simply contact us today, and we'll help you with tenant screening, lease retention, portal needs, and more!